Home Value

 

Not sure which loan is right for you? We’ll help you work through the options to determine the best choice. Here are a few tips:

  • Paying a point will lower your rate,  lessen the amount of interest you pay over the life of the loan, and result in a slightly lower monthly payment. The fee for the point is only 1% of the loan.
  • Think that owning your home sooner is out of the question? Many homeowners are surprised to find out just how affordable a 15-year home loan can be. Generally this is a good option for members who have owned their homes for at least a few years and are interested in paying down the principal of their loan even faster.
  • A fixed second turst deed (mortgage) can be a great solution if you are tired of worrying about the rate on your home equity line of credit. With the current low rates, now is a great time to get locked in.  

Calculators

Click here for the tools to choose the right home loan for your needs. Use our helpful calculators to:

  •  Determine your payment for different loan amounts, interest rates, and amortization terms
  • Find out how much you can save over the term of your loan by increasing your monthly payment
  • Calculate your maximum mortgage amount based upon the monthly payment, interest rate, and term that you enter
  • Learn how much you can borrow based on your income, debts and desired loan terms
  • Estimate the benefits of owning a home as opposed to renting
  • Compare the difference between a 15-year and a 30-year mortgage
  • Explore the benefits of refinancing

First time home buyer?

Get value from your local lender. This just might be the right time to buy. Home prices are lower and rates are at historic lows! Ask your tax advisor if you can benefit from this unprecedented opportunity - then click on the apply button below to get started.

If you are ready to get started, here.

Home Loans

Also known as a First Trust Deed. VCCU gives you maximum flexibility with rates and terms - over 20 different First Trust Deed options. We also offer Jumbo loans. Our rates are competitive and change frequently. Call or e-mail one of our home loan specialists to get started today.

FHA Loans

We make FHA loans
As low as 3.5% down

Fixed and adjustable rates, refinances
If coming up with a down payment has stalled your homebuying plans, overcoming that obstacle is now a snap at VCCU!

Our new FHA loans are ideal for anyone who can’t make a traditional 20% down payment, has a low-to-moderate income or has had credit issues. FHA loans are also available for refinances.

Our home loans staff can help you learn if you qualify — call 805/ 477-4000 or e-mail today.

Maximum loan amounts may apply. Credit and collateral are subject to approval. Program, rate, terms and conditions are subject to change without notice. Terms and conditions apply.

Second Trust Deed Loans

You can take out a second mortgage on your home for remodeling, college tuition or almost anything and enjoy a possible tax break (consult your tax advisor). Borrow up to 80% of the appraised value with a maximum of $350,000. The minimum loan amount is $10,000. The repayment plans and rates vary. Apply online or call or e-mail one of our knowledgeable home loan specialists for assistance.

Home Equity Line of Credit

Same qualifications as a Second Trust Deed Loan. The big difference is you don't take the money in a lump sum, you access your line of credit easily by using your Home Equity Line of Credit checks or stopping by any VCCU office. Apply online now. Be sure to consult with a tax advisor regarding the deductibility of interest.   

 

Shedding the Mystique

 

 

 

If you’re in the market for a home — especially your first home — you may be confused by the terminology. Here are some of the common words and phrases you’ll encounter:

  • Point: A one-time fee equal to one percent of the loan, assessed when you apply. Generally, paying the fee upfront reduces the rate and thus the interest paid over the life of the loan.
  • Equity: The difference between the property value and the outstanding loan.
  • Fixed-Rate Mortgage: A mortgage loan in which the interest rate does not vary for the term of the loan.
  • Adjustable-Rate Mortgage (ARM): A mortgage loan in which the interest rate changes periodically based on a predetermined index.
  • Amortization: The calculation of equal periodic payments to pay off a loan, including interest, at the end of a fixed period.
  • Annual Percentage Rate (APR): The annual cost of your mortgage, including any finance charges added to the loan.
  • Balloon Loan: Payments of interest and principal that do not fully amortize. A lump-sum payment is due at a specified time, usually at the end of the loan term.
  • Convertible ARM: Allows borrowers to convert from an ARM to a fixed-rate mortgage within the first few years.
  • Conforming: The amount of the home loan is less than a government-set amount indicating a median home loan amount. Non-conforming, or jumbo, home loans generally cost more than conforming.